Personal Loan – 8 Things To Remember When Applying For One

Okay, guys! It’s time to buckle up and finally apply for a much needed personal loan for this Diwali. Although you will receive the funds in your account within 48 hours (if all goes well), it is crucial for you to plan your spending accordingly. Therefore, this weekend would be the perfect timing to apply for a Diwali personal loan. All throughout Navratri and Dussehra, we received an overwhelming response with a number of borrowers applying throughout the festive season. Our finance blog brought to you a number of pieces on how to get a loan, how to pay your EMIs well, how important is credit score, and so on…

Loan Singh’s digital lending platform provides underserved salaried individuals, like you, a chance to avail a personal loan without running from bank-to-bank – with a cartload of paperwork and enduring a never-ending wait for approval. Many of you might have missed out on a personal loan during the Navratri-Dussehra period; but, the Dhanteras-Bhai Dooj period is fast approaching. So don’t deliberate! Just avail a Diwali Personal Loan and Celebrate!

Online Diwali Loan

One of Loan Singh’s unique offerings is to provide an online personal loan to salaried individuals who have never availed credit before. To cater to the long list of Diwali expenses, it is obvious that you need a source of funds to celebrate the festival in all its pomp and fervor. Personal loans are unsecured loans that are availed to meet these exact fund requirements. As it is an unsecured loan, it does not require any collateral.

Loan Singh looks at your creditworthiness to determine if you can pay the loan EMIs regularly, or not. The idea is to not strain you with credit but to make sure that your salary and savings permit you to avail credit. Your credit report acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how trustworthy you are. Loan Singh is perfect because of

No collateral – Having no collateral gives personal loan an advantage over a secured loan. Even if you do not own any fixed assets, you can at still get funds from Loan Singh.

Multiple purposes – A personal loan can be availed for a number of purposes such as shopping for Diwali, purchasing household appliances, electronic gadgets, purchasing gold, holiday travel, home improvement, job relocation, medical expenses, marriage, etc.

Personal Loan Benefits in India

Loan Singh’s hassle-free process and quick approval personal loans are perfect for salaried individuals like you who are too busy to even get a rest. The attractive EMIs and interest rates at Loan Singh, make personal loans affordable to repay back. Add luxury to your mundane lives without putting too much strain on your finances. Your dreams are our dreams. We help turn your dreams into reality. Brand new appliances and electronic products are also needed in case you are relocating due to your job. The job relocation personal loan at Loan Singh helps cover exactly this.

Loan Singh’s emi calculator will help you understand how much you need to pay in order to clear your consumer durable loan. The calculator only needs your intending loan amount and tenure for telling you how much you need to pay each month. A personal loan can be availed between Rs. 50,000 and Rs. 10 Lakhs.

Another huge benefit you have with a Loan Singh online personal loan is that you have the freedom to choose where you want to spend your loan amount on. You can apply for a shopping loan and utilize the cash to spend on an Amazon, some on Flipkart or some on Snapdeal. Unlike so many ecommerce websites that let you gain discounts for possessing a debit card or points of a particular finance provider, Loan Singh’s personal loan can be utilized to be spent on the website you want and on the product you want to spend on.

8 Things To Remember When Applying For a Diwali Personal Loan

Before applying for an online festival loan, always keep in mind the following pointers

Eligibility

Just because you have internet and need funds, does not mean a digital lending platform will approve your loan application. You need to be at least 21 years of age & with a salaried background. The minimum monthly salary should be Rs. 20,000. A competent credit score is key to get that ‘Amount Credited’ SMS flashing on your smartphone.

Research

Everyone does this, and you should too. Despite Loan Singh’s digital presence on Facebook, Twitter, Pinterest, Google+ and LinkedIn, you need to understand how digital lending is different from offline modes. Read about Loan Singh’s FAQs and find out what is needed to be kept handy during the online application process.

Amount

The amount you need to borrow will be based on your income and your repayment capacity. The amount should also be intertwined with the personal loan purpose. Ensure that you make use of the funds for the designated purpose – which could either be of for a used car loan, debt consolidation, wedding, travel, etc.

Application

Now just because you got the funds, it does not mean you can take your foot off the pedal and cruise along. It is wise to apply for a personal loan, based on your financial capability. This you can do by checking our EMI calculator. Taking a personal loan is like jumping on a trampoline. You get the funds to spend in times of need, but you do need to repay it back. So, during the application phase itself, have the repayment figured out.

Process

The process is easy and breezy. You can apply for a personal loan from your home, while traveling from work in an Uber, while being stuck at a traffic signal, etc. As long as you have internet access and can log in to your Gmail or Net-banking account, you can finish the process in as short a time as 15 minutes.

Purpose

Utilize the amount for exactly the purpose you have mentioned. For example: do not spend the Diwali personal loan amount on unwanted wasteful indulgences. Focus on making use of the funds for solely enjoying Diwali. Remember, applying for credit at various credit institutions leads to hard inquiries which adversely affect your credit score, as well.

Second loan

Sometimes, it is better to be safe than sorry. There could be an instance when you may not be eligible for the loan amount you need, and so you will continue hunting for funds at different banks. Try not to do that. Stay away from putting your monthly EMI obligations at risk. Clear one loan and then apply for the next. Being prompt with your loan repayments, with Loan Singh, helps you not only to improve your credit score but also build a good repayment history with Loan Singh, and thereby get a second loan.

Default

The most basic of all pointers – missing out on EMI repayments, could hit your credit score in a bad way. Adding to that, the penalty for missing an EMI can easily lead to added expenses each month. Procrastinating with the EMIs can slowly push it to a point of no return. Ensure you keep reminders about the EMI due-date or you can easily set-up an auto debit feature and allow Loan Singh to deduct the EMI from your account each month.

About Loan Singh

Loan Singh is a digital lending platform that prides in providing online personal finance loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs. 50,000 and Rs.10,00,000 taken for purposes such as: